The co-founders of the crypto analytics company Glassnode think that Bitcoin (BTC) could rise to a new all-time high faster than many analysts and traders expect.
Glassnode co-founders Jan Happel and Yann Allemann, who developed the Nine tropical dealing with the social media platform X, to predict that the US dollar index (DXY) will peak at 106.
The DXY, a measure of the value of the US dollar against a basket of six major currencies, is valued at 103.51 at the time of writing, according to Market overview.
Happel and Allemann predict that the peaking DXY will pave the way for a “prime Bitcoin environment.”
A spike in the US dollar index signals that investors are starting to put their capital to risky assets like crypto.
Say Happel and Allemann,
“Next: Bitcoin Targets $37,000 Before Climbing Higher in Fall!”
The Glassnode co-founders also share a chart that predicts Bitcoin will surge to over $144,000 in early 2024.
The crypto analysts too remark that Bitcoin is showing signs of recovery this week.
“Oversold indicators point to potential short-term gains. However, watch for the risk signal to level off at 100, indicating a consolidation phase until demand dynamics change.”
BTC is trading at $26,057 at the time of writing. The highest-ranked crypto asset by market capitalization is about 62% down from its all-time high of over $69,000, which it hit in November 2021.
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